Graduated summa cum laude from the Wharton School of Business at the University of Pennsylvania with a degree in economics in 2004. Has an older brother, Donald Trump Jr. & younger brother, Eric Trump and two younger half-siblings; Tiffany Trump and Barron Trump.
Records for tax deductions taken. Length of time to keep, and why:Seven years. 1  The IRS has three years from your filing date to audit your return if it suspects good-faith errors.  The three-year deadline also applies if you discover a mistake in your return and decide to file an amended return to claim a refund.
The IRS says you should keep tax returns and the paperwork supporting them for at least three years after you file the return â the amount of time the IRS has to audit you. So thatâs how long we advise in our charts. Check with your state about state income tax, though. Some make you keep tax records a really long time: In Ohio, itâs 10 years. The IRS can also ask for records up to six years after a filing if they suspect someone failed to report 25% or more of their gross income. And the agency never closes the door on an audit if it suspects fraud.